Politics
El Salvador plans to open 'Bitcoin Embassy' in Texas
Salvadoran ambassador Milena Mayorga met with Texas Deputy Secretary of State Joe Esparza to discuss the plans for the embassy and other “opportunities for cultural and commercial exchange”
February 15, 2023 8:38pm
Updated: February 16, 2023 7:58am
El Salvador is planning to open a “Bitcoin Embassy” in Texas to promote the adoption of the cryptocurrency, announced the Central American country’s ambassador to the United States.
Salvadoran ambassador Milena Mayorga said on Tuesday that she met with Texas Deputy Secretary of State Joe Esparza to discuss the plans for the embassy and other “opportunities for cultural and commercial exchange,” reported Decrypt.
"The state of Texas, our new ally," tweeted Mayorga.
El estado de Texas, nuestro nuevo aliado.
— Milena Mayorga (@MilenaMayorga) February 14, 2023
En mi encuentro con el Secretario Adjunto del Gobierno de Texas, Joe Esparza @TXsecofstate, abordamos la apertura de la segunda Embajada #Bitcoin y de ampliar los proyectos de intercambios comerciales y económicos. 🇺🇸🤝🇸🇻 pic.twitter.com/NcmOjeadl6
The Texas Secretary of State confirmed the meeting but did not elaborate on the idea of the Embassy. It is unclear what the embassy would do at this time.
Last year, El Salvador opened a “Bitcoin office” in Lugano, Switzerland to encourage the use of cryptocurrency in Europe.
The two countries said at the time that the initiative intended to “drive the adoption of Bitcoin and other cryptocurrencies across their respective regions” as well as “fostering the exchange of students and talents between El Salvador and Lugano.”
El Salvador was the first country in the world to make bitcoin legal tender in September 2021. As of November 2022, El Salvador had purchased $1,381 bitcoin, valued at a price of around $55 million.
The move, however, has drawn criticism from international credit rating agencies, as it has lost over $60 million on its bitcoin experiment.
The International Monetary Fund (IMF), the World Bank, and JP Morgan, along with other financial and economic institutions, have warned that El Salvador is on an unsustainable path, given that the country is facing several multilateral and domestic debts.
